|
|
Loan Program |
Standard Fixed |
Std 1/6 Arm |
Std 2/5 Arm |
|
Purchase Price |
$300,000 |
$300,000 |
$300,000 |
|
Down Payment |
20% / $60,000 |
20% / $60,000 |
20% / $60,000 |
|
Loan Amount |
$240,000 |
$240,000 |
$240,000 |
|
Interest Rate |
5.250% |
4.000% |
4.375% |
|
Term/Due (in months) |
360 / 360 |
360 / 360 |
360 / 360 |
|
Housing Expense |
|
|
|
|
Principal & Interest |
$1,325 |
$1,146 |
$1,198 |
|
Other Finance |
|
|
|
|
Hazard Insurance |
$54 |
$47 |
$49 |
|
Property Taxes |
$162 |
$140 |
$146 |
|
Mortgage Insurance |
$0 |
$0 |
$0 |
|
Homeowner's Fee |
$0 |
$0 |
$0 |
|
Other |
$0 |
$0 |
$0 |
|
Total |
$1,541 |
$1,332 |
$1,393 |
|
Min Income Required |
$4,670 |
$3,701 |
$4,976 |
|
|
|
|
|
|
Estimated Closing Cost |
$3,000 |
$1,200 |
$0 |
|
Total Cash to Close |
$63,000 |
$61,200 |
$60,000 |
|
|
|
|
|
|
|
|
|
|
|
APR |
5.36% |
8.49% |
9.17% |
|
|
|
|
|
|
|
|
|
|
|
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